Good morning, lovely people, and happy FRIDAY. After what felt like a rollercoaster of a week, we’re very happy to remind you that next week is a shortened workweek, with a long four-day weekend ahead.
REMEMBER- Thursday, 20 July and Sunday, 23 July will be national holidays for the public and private sector to mark the Islamic New Year and Egypt’s Independence Day, according to a cabinet statement. We’ll be keeping our eyes peeled for confirmations from the Central Bank of Egypt and the EGX that the same holidays will apply for the banking sector, and the bourse.
It will be the last long weekend until late September when we down tools for the Prophet Muhammad’s birthday.
☀️THE WEATHER THIS WEEKEND- Get ready for a sizzling weekend as temperatures soar to 40°C today, before dropping to a cooler 24°C at night. Saturday promises the same heat with the mercury at 40°C and dipping to 26°C, our favorite weather app tells us.
CALLING ALL PET OWNERS looking to travel and can’t bring your furry friends along: If you’re traveling for the long weekend — as you should — and are a pet owner, chances are you have a real Sophie’s choice on your hands: Limit where you go to place friendly places or scramble to find an accommodation for your pets (or beg the one friend you have to house sit). Naturally, it wouldn’t be much of a vacation if you have to worry about whether your four-legged friend is well taken care of.
Well worry no more, dear reader, this week’s Enterprise Guide has you covered. We bring you our rundown of the most highly rated pet hotels and daycares in Cairo and Sahel, based on pet parents we know and trust.
Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.
LAST WEEK IN 3 MINS- It was a momentous week on all fronts, with big milestones reached for the state privatization program, the House approving a batch of bills before going on recess, and the maiden EGX listing of 2023.
PRIVATIZATION WATCH-
#1- A big week for the state privatization program: The government has so far signed agreements worth USD 1.9 bn to sell state-owned assets under its privatization program, Prime Minister Mostafa Madbouly announced at a press conference on Tuesday. The proceeds raised from transactions in 2023 come from the sale of stakes in five companies, which brought in some USD 1.65 bn in FX, while the remainder was received in EGP. The breakdown:
- ADQ to the rescue: Abu Dhabi sovereign wealth fund ADQ acquired 25-30% stakes in Egyptian Ethylene and Derivatives Company (Ethydco), Egyptian Linear Alkyl Benzene (Elab), and Egyptian Drilling Company (EDC) for USD 800 mn;
- A group of Talaat Moustafa Group subsidiary Icon Investments together with unnamed foreign investors invested USD 700 mn in a government holding company for hotels via a capital increase, handing them a 37% stake;
- And the government divested its entire 31% stake in Ezz Steel subsidiary Al Ezz Dekheila for USD 241 mn in a move that will lead to the company delisting from the EGX.
What’s next? We’re now on the lookout for additional transaction announcements from the government worth an additional USD 1 bn. Upcoming transactions will likely be seeing Gabal El Zeit wind farm sold to Actis, according to our sources. Military-owned Wataniya, a Siemens power plant and several water desalination plants are also in the pipeline, along with El Mostakbal Urban Development (Midar), in which the Sovereign Fund of Egypt is set to be offering a 25-30% stake to a strategic investor after recently adding the company to its pre-IPO fund.
IPO WATCH-
#1- Taqa Arabia had an eventful EGX debut: Taqa Arabia made a successful (second) EGXdebut on Tuesday that saw the company’s shares close at EGP 20.00 a share — some 125% higher than the EGP 8.90 price at which shares were valued ahead of the listing — with trading during the day worth a combined EGP 15.7 mn.
Taqa Arabia’s first attempt at an EGX debut earlier in the week got off to a chaotic start as its shares closed up more than 83,000%, reportedly on the back of several trades that were executed at between EGP 380 and EGP 500, triggering the surge in the company’s share price. The EGX eventually canceled all of the day’s transactions in Taqa shares (except for a single transaction involving the sale of EGP 3.7 bn worth of shares by the company’s largest shareholder) and to offer the company another go.
ON THE LEGISLATIVE FRONT-
The House of Representatives got busy in the final sessions before its summer recess. Highlights included:
MPs gave their final approvalon two key pieces of legislation that aim to level the playing field for the private sector and attract more foreign investment, including amendments to the Investment Act that expand the incentives made available to private sector companies, and a bill that will eliminate tax exemptions currently granted to state-owned entities. They also gave their final approval on two bills allowing for the USD 565 mn redevelopment of the East Port Said port.
Head to our recap for more on the key bills the House passed since last October.
The FRA came out with long-called for updated regulations (pdf) to the Fintech Act that flesh out licensing requirements for fintech providers looking to get licensed by the regulator. The regulations clarify the requirements of licensing and standardize them to replace the previous system, where licenses were assessed on a case-by-case basis. They also provide further protections for consumers. Look for more in-depth coverage from us on this on Sunday.
ON THE MACRO FRONT-
#1- Inflation hit record high in June: Inflation accelerated in June, with annual urban inflation reaching 35.7% y-o-y during the month, up from 32.7% in May. Behind the uptick is successive currency devaluations combined with higher seasonal demand that has sent food prices soaring.
#2- A first look at FY 2022-2023 economic performance: The country’s budget deficit came in lower than expected, widening to 6.2% by the end of the fiscal year 2022-2023, up from 6.1% a year before. The Finance Ministry had been expecting the deficit to come in at 6.4%. Meanwhile, our primary surplus came in higher than expected at 1.6% (EGP 157 bn) during the fiscal year, up from 1.3% a year earlier. The government had been expecting the primary surplus to inch up to 1.5% in FY 2022-2023.
#3- The Madbouly government is looking to secure some USD 3 bn in financing from bond issuances through the end of the year, Finance Minister Mohamed Maait said on Tuesday.
#4- Egypt’s oil and gas exports fell more than 50%y-o-y in the first four months of 2023. Declining natural gas revenues were the biggest contributor to the dip.
WHAT’S HAPPENING NEXT WEEK-
FinMin’s next subsidies’ payout is coming: The disbursement of the secondtranche of theexport subsidies will be paid out on 19-20 July as the government wraps up the sixth phase of its subsidy program. FinMin has disbursed EGP 7.5 bn to approximately 750 exporters as part of the first tranche of payouts, and the final payout is slated for 2-3 August. The ministry paid EGP 42 bn to exporters from the program’s inception back in 2019.
Beltone to wrap its capital increase: Beltone’s sizable capital increase of EGP 10 bn was 98% covered as of Tuesday, which marked the end of its first phase. 4.89 mn shares from the 5 mn offered have been already accounted for. The next stage of the capital increase began yesterday and will proceed until Monday.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
YOUR MOST CLICKED LINKS-
- Taqa’s successful EGX debut this week — along with the chaotic first attempt on Monday— got a lot of attention. (Filing, pdf | Enterprise)
- Tarek El Gammal, the new chief financial officer at Qalaa Holding — Taqa’s parent company — also got a lot of interest. (LinkedIn)
- News of the increase in our net foreign reserves for the ninth consecutive month in June got plenty of clicks. (Statement)
- Some of you also needed a refresher on amendments to the Investment Act aiming to support the private sector and boost the FDI, after the House of Representatives’ gave them their final approval last week. (Enterprise)
- Prime Minister Moustafa Madbouly’s presser on Tuesday announcing the latest updates on the state privatization program also captured plenty of interest. (watch, runtime: 1:10:14)
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Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line!
AROUND THE WORLD IN SEVEN DAYS-

Resistance towards Ukraine’s NATO membership dominated international headlines during the week. As member states met in Vilnius, Lithuania, Ukraine was handed an invitation in the form of a speech, instead of a full membership. Ukrainian President Volodymyr Zelensky reacted in frustration to the delay and to no timeline being shared. Nevertheless, Kyiv acquired security assurances from the US and other allies as the conflict between Russia and Ukraine continues.
It was a better turnout for Sweden, which finally gotTurkey’s blessing to join the alliance.
ALSO GETTING ATTENTION- Meta’s Twitter lookalike Threads took the world by storm, accumulating over 100 mn sign ups as of Tuesday, in just five days after its launch. This makes it the fastest online platform to hit that record.
AND- Fears over Sudan’s ongoing conflict continued: The UN shared concerns that the situation in the African nation is deteriorating at an exponential rate as fighting grew in Khartoum. The clashes between Al Burhan and Hemedti was cited as a threat to the stability of the region.
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CIRCLE YOUR CALENDAR-

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.
Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.
Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.
** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.
TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.
Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial or fill out this form and we’ll be in touch.
HAPPENING TODAY-
Amr Diab is coming to Sahel (again): When the light fades and the sun goes down, head to SOL Beach Bar at Marassi to attend Amr Diab’s sunset party. The party will begin at 7pm. Tickets are available on TicketsMarche.
Mahmoud Saad will host movie star Karim AbdelAziz in a new installation of the SoldOutlive interviews series at 8:30pm. The live interview will be held at Ewart Hall at AUC’s Tahrir campus. You can book your ticket from Tazkarti.
If you are in Cairo this weekend, catch the play Charlietonight at 9pm at the Movenpick Media City in Cairo. You can get your tickets on Ticketsmarche.
Get your shaabi on with Abdel Baset Hamouda, who will be performing at the ElSawy Culturewheel tomorrow starting from 8pm and finishing off at 10pm. Put on your dancing shoes and get your ticket here.
HAPPENING NEXT WEEK-
Start your weekend with Muslim’s concert next Thursday. The concert starts at 8pm and finishes at 10pm at ElSawy Culturewheel, and tickets are available on their website.
Sharmoofers, Shaheen and El Walili x Alexandria:Sharmoofers will be on stage with the rap star Shaheen and the music producer El Waili at Al Ittihad Alex Club, Smoha branch next Thursday, 20 July. Doors will open at 4pm. Get your tickets through TicketsMall today.
Get ready for the New Alamein Festival 2023: Tamer Hosny will be performing as a part of the El Alamein Festival’s first concert at El Alamein Arena on Friday, 21 July at 8pm. You can book your tickets today on Tazkarti.
Check out our full Enterprise Entertainment calendar below for a comprehensive listing of upcoming events and national holidays.


